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Fed Rep Nigeria (78UT)

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Wednesday 25 September, 2019

Fed Rep Nigeria

Announcement of Modifications to Agency Agreements

RNS Number : 6370N
Federal Republic of Nigeria (The)
25 September 2019

 Federal Republic of Nigeria (the "Issuer")


U.S.$500,000,000 6.75 per cent. Notes due 2021 (the "2021 Notes")

(ISIN (Reg S): XS0584435142; ISIN (Rule 144A): US65412AAA07; CUSIP (Rule 144A): 65412A AA0)


U.S.$500,000,000 6.375 per cent. Notes due 2023 (the "2023 Notes" and, together with the 2021 Notes, the "Notes")

(ISIN (Reg S): XS0944707222; ISIN (Rule 144A): US65412ACD28; CUSIP (Rule 144A): 65412A CD2)


Notice of Modifications to the Agency Agreements in respect of the Notes

The Issuer hereby announces that, on 24 September 2019, the agency agreement dated 26 January 2011 between the Issuer, Deutsche Bank AG, London Branch, Deutsche Bank Trust Company Americas and Deutsche Bank Luxembourg S.A. (together, the "Agents") relating to the 2021 Notes and the agency agreement dated 10 July 2013 between the Issuer and the Agents relating to the 2023 Notes (together, the "Original Agency Agreements") were amended pursuant to supplemental agency agreements dated 24 September 2019 between the Issuer and the Agents (together the "Supplemental Agency Agreements").

Terms used herein but not otherwise defined have the meanings given thereto in the Original Agency Agreements.

With effect from 24 September 2019, Clause 7.4 (Application by Fiscal Agent) of each Original Agency Agreement has been deleted in its entirety and replaced with the following:

"7.4     Application by Fiscal Agent

The Fiscal Agent is hereby irrevocably instructed by the Issuer that any funds paid by or by arrangement with the Issuer to the Fiscal Agent under Clause 7.1 shall be held in the relevant account referred to in Clause 7.2 and shall be applied towards payment to the Noteholders, as the case may be, so that the Issuer shall have no claim to or on account of any such funds unless such purpose cannot be effected and the Fiscal Agent shall not be obliged to repay any such amount unless the claim for the relevant payment becomes void under Condition 9. In that event the Fiscal Agent shall repay to the Issuer sums equivalent to the amounts which would otherwise have been repayable on the relevant Notes by credit transfer to such account with such bank as the Issuer has by notice to the Fiscal Agent specified for the purpose."

Copies of the Supplemental Agency Agreements are available for inspection during normal business hours at the Specified Offices of Deutsche Bank AG, London Branch and Deutsche Bank Trust Company Americas as paying agents in respect of each series of Notes.


Date: 25 September 2019


The Federal Republic of Nigeria


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